Edwards Lifesciences Corporation EW

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 93.26 USD on Nov 2, 2026, +9.4% year to date

Quant rating

Quant rating B Rank 162 of 565 in Health Care

Growth B 175 of 565
Valuation C 298 of 565
Quality A 43 of 565
Revisions D 433 of 565
Momentum B 216 of 565

Wall Street consensus Buy (1.87)Average target 100.30 USD +7.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 53.8B
Enterprise value: 50.2B
52-week range: 74.81 – 96.19
3-year range: 59.70 – 96.19
Dividend yield: –
Beta (5 years): 0.83
Shares outstanding: 576M
Next earnings: Nov 4, 2026

About the company

Edwards Lifesciences Corporation is a global structural heart company. The Company's work includes both surgical and transcatheter therapies. Its portfolio of repair and replacement technologies for aortic, mitral, tricuspid and pulmonic heart valves provides a set of treatment options to serve the diverse and complex patients in need. Its segment includes the United States, Europe, Japan, and the Rest of World. Its product categories include Transcatheter Aortic Valve Replacement, Transcatheter Mitral and Tricuspid Therapies (TMTT), and Surgical. It provides transcatheter heart valve replacement technologies designed for the minimally invasive replacement of aortic heart valves. Its products include SAPIEN 3 Ultra RESILIA transcatheter heart valve, SAPIEN 3 Ultra transcatheter heart valve, SAPIEN 3 transcatheter heart valve and Alterra adaptive prestent. The TMTT category includes a PASCAL transcatheter repair system, EVOQUE tricuspid valve replacement system and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	6,068	5,440	5,010	4,464	5,232	–
Revenue growth	11.5%	8.6%	12.2%	−14.7%	19.3%	6.7%
EPS (basic, normalized)	2.56	2.43	2.51	2.48	2.22	–
EPS growth	5.3%	−3.2%	1.2%	11.7%	–	–
Gross margin	78.0%	79.5%	80.5%	83.8%	76.1%	79.6%
Net margin	17.5%	25.8%	24.4%	29.7%	28.7%	25.2%
ROE	10.4%	16.8%	19.6%	22.7%	28.9%	19.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	4,253
Current ratio	4.52x
Long-term debt (mil)	599
Net debt (mil)	−3,547
Total equity (mil)	10,618
Net debt / equity	−0.33x
Net debt / EBITDA	−1.98x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	6,068	+11.5%	8.3x	1,793	+1.7%	28.0x	2.56	+5.3%	36.4x
2026	6,767	+11.5%	7.4x	2,135	+19.1%	23.5x	3.00	+17.2%	31.1x
2027	7,412	+9.5%	6.8x	2,388	+11.9%	21.0x	3.38	+12.6%	27.6x
2028	8,173	+10.3%	6.1x	2,655	+11.2%	18.9x	3.78	+11.9%	24.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	6,767	0.0%	0.0%	+0.3%	3.00	0.0%	+0.1%	−0.3%
2027	7,412	0.0%	0.0%	0.0%	3.38	−0.2%	−0.1%	+0.3%
2028	8,173	−0.1%	−0.1%	+0.4%	3.78	−0.5%	−0.5%	−0.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,598	1,632	1,354	1,386	1,413	1,532	1,553	1,570	1,649	1,741
Sales mean (mil)	1,569	1,653	1,525	1,358	1,401	1,489	1,496	1,546	1,596	1,700
Surprise	+1.9%	−1.2%	−11.2%	+2.1%	+0.8%	+2.9%	+3.8%	+1.5%	+3.3%	+2.4%
EPS reported	0.66	0.70	0.67	0.59	0.64	0.67	0.67	0.58	0.78	0.78
EPS mean	0.64	0.69	0.64	0.55	0.60	0.62	0.59	0.62	0.73	0.74
Surprise	+2.7%	+0.9%	+4.6%	+6.5%	+7.2%	+7.5%	+12.9%	−6.1%	+7.3%	+5.3%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
EW Edwards Lifesciences Corporation	53.8B	−1.98x	17.5%	5.06x	31.1x	27.6x	23.5x	21.0x
TMO Thermo Fisher Scientific Inc.	252.9B	3.18x	15.0%	4.62x	27.0x	24.6x	23.0x	21.4x
ABT Abbott Laboratories	190.6B	2.36x	14.7%	3.73x	20.0x	18.6x	16.5x	15.0x
DHR Danaher Corporation	160.4B	2.71x	14.7%	2.99x	26.5x	24.5x	21.6x	19.8x
ISRG Intuitive Surgical, Inc.	151.4B	−0.91x	28.4%	9.47x	38.8x	35.0x	26.4x	24.3x
MDT Medtronic PLC	127.0B	1.99x	13.2%	2.53x	16.6x	15.5x	13.2x	12.6x
Mean		1.22x	17.2%	4.73x	26.7x	24.3x	20.7x	19.0x
Median		2.17x	14.9%	4.17x	26.8x	24.5x	22.3x	20.4x

Technical analysis

1M+9.5%
3M+8.4%
1Y+13.1%
3Y+42.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Edwards Lifesciences Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	6,068	5,440	5,010	4,464	5,232	4,386
Cost of revenue	1,334	1,118	978	724	1,249	1,081
Gross profit	4,733	4,322	4,032	3,740	3,984	3,306
Selling, general & administrative expenses	2,085	1,789	1,582	1,358	1,494	1,228
Research & development	1,079	1,053	963	844	903	761
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	531	46.4	204	72.7	20.6	405
Other operating expenses	−79.7	−0.3	−26.2	−35.8	−124	13.6
Operating income	1,117	1,434	1,309	1,502	1,690	898
Net interest income (expense)	152	107	58.9	16.2	9.8	20.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	3.2	7.4	4.6	1.1	1.9	−1.4
Net income before taxes	1,273	1,548	1,372	1,520	1,702	917
Provision for taxes	217	152	152	196	199	93.3
Minority interest	4.1	4.9	3.0	0	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,060	1,401	1,223	1,324	1,503	823
Extraordinary items	13.4	2,774	179	198	–	–
Net income	1,074	4,175	1,402	1,522	1,503	823
EBIT, normalized	1,649	1,480	1,512	1,575	1,711	1,303
EBITDA, normalized	1,805	1,623	1,634	1,692	1,846	1,410
Basic EPS, normalized	2.56	2.43	2.51	2.48	2.22	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Edwards Lifesciences Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,226	3,976	1,644	1,215	1,467	1,403
Receivables	912	727	837	699	665	603
Total inventory	1,126	1,087	1,168	876	727	802
Prepaid expenses	135	121	147	110	85.2	75.1
Other current assets	339	374	239	196	237	208
Total current assets	6,739	6,285	4,036	3,096	3,181	3,091
Property, plant & equipment	1,915	1,784	1,843	1,725	1,639	1,489
Goodwill	1,769	1,777	1,254	1,164	1,168	1,173
Intangibles	1,128	1,177	428	285	324	331
Long-term investments	279	308	584	1,239	1,834	802
Note receivable	488	–	–	–	–	–
Other long-term assets	1,379	1,724	1,218	783	358	350
Total assets	13,696	13,055	9,363	8,292	8,503	7,237
Liabilities
Accounts payable	228	197	201	202	204	196
Payable/accrued	–	53.7	–	–	–	–
Accrued expenses	1,004	857	820	668	714	579
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	0
Other current liabilities	583	398	174	153	114	119
Total current liabilities	1,814	1,505	1,195	1,022	1,032	894
Long-term debt	598	598	597	596	596	595
Minority interest	0	64.5	69.4	–	–	–
Other liabilities	948	890	851	867	1,039	1,174
Total liabilities	3,360	3,057	2,713	2,486	2,667	2,663
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	659	655	650	646	642	636
Additional paid-in capital	2,768	2,613	2,274	1,969	1,700	1,438
Retained earnings (accumulated deficit)	14,240	13,167	8,992	7,590	6,068	4,565
Treasury stock	−7,092	−6,192	−5,024	−4,144	−2,417	−1,904
Other equity	−238	−244	−243	−255	−158	−161
Total equity	10,338	9,998	6,650	5,807	5,836	4,574
Total liabilities & shareholders' equity	13,697	13,055	9,363	8,292	8,503	7,237

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Edwards Lifesciences Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,069	4,170	1,399	1,522	1,503	823
Depreciation, depletion & amortization	157	155	145	140	135	107
Deferred taxes	−118	−323	−272	−254	−41.4	−49.4
Non-cash items	332	−3,200	150	233	−9.7	131
Changes in working capital	155	−259	−526	−421	145	42.2
Cash from operations	1,595	542	896	1,218	1,732	1,054
Investing activities
Capital expenditures	−260	−282	−266	−265	−330	−407
Other investing cash flows	−453	2,595	440	517	−1,393	−124
Cash from investing	−713	2,313	174	252	−1,722	−531
Financing activities
Financing cash flow items	−238	−3.1	−1.0	−3.6	−0.3	−1.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−719	−980	−710	−1,581	−356	−486
Cash from financing	−957	−983	−711	−1,584	−356	−487
Foreign exchange effects	−44.8	38.6	16.8	19.2	13.9	−20.5
Net change in cash	−119	1,911	375	−94.8	−333	15.8
Free cash flow	1,335	260	630	953	1,402	647

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.